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TMI BlogRevision of Interest Rates for NSC and KVP CertificatesX X X X Extracts X X X X X X X X Extracts X X X X ..... st Offices and Banks, is being postponed by a quarter, to 1-7-2016. All banks and the Department of Posts are requested to return the remaining stock of physical pre-printed KVP/NSC certificates at the close of business on 30-6-2016 to the ISP, Nasik. 3. It may be noted that no physically pre-printed KVP and NSC certificates may be issued on or after 1-7-2016 by banks or Post Offices. Two modes of issue of NSC/KVP certificates on and after 1-7-2016 4. The NSC/KVP certificates shall be issued in the following 2 modes on and after 1-7-2016 (a) Exclusive e-mode: The format for e-mode is given in Annex I for KVP and NSC. The Part A of the format is to be made accessible for viewing by a customer online in a non-printable form and Part B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to opt for "exclusive e-mode". This is to facilitate the transition to a paperless system. 6. In all cases, the system should be able to record with date the issue of NSC/KVP certificates under both the modes and keep track of the modes used by individual customers. The physical signature of the issuing officer at the time of issue of the certificate in pass-book mode should have designation stamp as the same is of crucial importance for establishing the authenticity of the certificate issued. In case of the pass-book mode, the Post Office or Bank Branch, shall take receipt of the pass-book by the customer or agent (when duly authorized by the customer) in the Account Opening form in lieu of having received the same. 7. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansfer of NSC or KVP from one person to another, both the persons shall apply for transfer of NSC or KVP in the prescribed format. The Post Office or Bank concerned shall allow transfer after applying due diligence and enable online viewing to the new owner if exclusive e-mode is applied and remove the NSC or KVP from the online view of old owner. 11. At the time of transfer of the KVP/NSC from one person to another, apart from the changes in the electronic database entries/physical office ledger entries as the case may be, Pass-book if already issued should be obtained in original and re-issued in the name of new customer by cancelling the already printed or manual entries in the name of old owner. The cancellation should be by drawing c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /registration number should be allotted by CBS system and same should be informed to the customer. General instructions 15. The necessary software templates and arrangements may be put in place so as to implement these instructions and the contents of the annexes to this OM. The aim should be 'bare essential data-entry requirement' at the time of issue of the certificates of KVP and NSC to the investor. 16. This system shall remain in place till the KVP/NSC system is completely dematted or brought on e-mode by other means by the Ministry of Finance. 17. The Bank Central offices and DoP shall monitor the number of KVPs/NSCs issued in this way w.e.f 1-7-2016 and report to [email protected] on a bi-monthly basis starting fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt number with IFSC code into which encashed amount on closure may be transferred i Signature j Details of pledge (name of the pledgee and date) k Account number with IFSC code into which maturity amount may be credited on forfeiture of pledge (optional) l Name and address of nominee: m Relationship and percentage of nomination: Entire details are to be collected and recorded with respect of the transferees in case of transfers. ANNEX II Banks operating the KVP Scheme The name of banks operating the KVP Scheme, are given below: 1. Andhra Bank 2. AXIS Bank (UTI Bank) 3. Bank of Baroda 4. Bank of India 5. Canara Bank 6. Central Bank of India 7. Corporation Bank 8. Dena Bank 9. HDFC Bank 10. ICICI Bank 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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